Tuesday, January 10, 2012

The Broncos, The Pats and GM

William,

1) In my world (and your sister's) we look at risk in a very specific way that I believe is quite different than the business world. The risk of generalized damage to the US economy of a standard GM bankruptcy even if it were very small (say 10%) would be unacceptable because the potential extent of damage would be unknowable. It's like sending a patient home from the emergency room with chest pain. Even if the chances of impending heart attack are small, we admit the patient overnight and test them, because the price of being wrong is too high2) I suspect what really rankles in the larger business community is that the bondholders got hammered (to put it mildly), in favor of the workers. If I had been a bondholder I wouldn't be happy either.3) It will be fascinating to see how the frontal assualt on Romney's "creative destruction" model of capitalism plays out in South Carolina over the next 11 days. Who'd have thunk it? Conservatives attacking capitalism at it's core.4) It was a pleasure seeing you on Sat5) Looking forward to watching your Broncos in Foxborough Sat night. These 2 teams have put together a pretty spirited rivalry over years (with Denver mostly getting the better of it).